AVCJ

Rocket Internet’s Asian fashion startup raises $100 million

  • Mirzaan Jamwal
  • LinkedIn  
  • Google plus  
  • Save this article  

Zalora, a Hong Kong-based online fashion and beauty retailer owned by German VC firm Rocket Internet, has closed a $100 million round of financing from Investment AB Kinnevik, Verlinvest and return backers Summit Partners and Tengelmann Group - which invested around $26 million in March this year.

The year-old startup operates in Singapore, Indonesia, Malaysia, Brunei, the Philippines, Thailand, Vietnam, Taiwan, and Hong Kong.

25% of Zalora's revenue comes from mobile commerce, and the company says its app is the top lifestyle app in all the countries it serves, and the top app overall for Singapore, Malaysia and Vietnam.

The capital will be used to scale up operations in South East Asia and extend Zalora's current portfolio of 500 local and international brands.

Berlin-based Rocket Internet, which founded in 1999, clones successful online startups to replicate them elsewhere. The firm sold Groupon clone CityDeal to Groupon for $126 million in 2010 and eBay clone Alando to eBay for $50 million.

Summit Partners earlier invested EUR20 million ($26.4 million) in Rocket's Southeast Asian online retailer Lazada, which also counts Kinnevik and J.P. Morgan as investors.

Rocket's other Asian ventures include Wimdu, foodpanda and glossybox.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Venture

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs